By Business Wire, March 19, 2013, 08:54:00 AM EDT
Lieff Cabraser Investigating Possible Securities Fraud at Great Lakes Dredge & Dock Corporation
SAN FRANCISCO--(BUSINESS WIRE)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP is investigating
potential accounting and securities fraud at Great Lakes Dredge & Dock
Corporation ("Great Lakes" or the "Company) (NASDAQ:GLDD).
If
you have information relating to this investigation or purchased or
acquired shares of Great Lakes prior to March 14, 2013, we encourage you
to click here or contact Brendan P. Glackin of Lieff Cabraser
toll-free at 1 (800) 541-7358.
Background
on the Great Lakes Investigation
Located in Oak Brook, Illinois, Great Lakes is the largest provider of
dredging services in the United States and a major provider of
commercial and industrial demolition and remediation services. For the
year ended December 31, 2012, Great Lakes reported Revenue of $687.6
million (9.6% increase from previous year), Net Loss of $2.7 million and
Adjusted EBITDA of $60.9 million. For the year ended December 31, 2011,
Great Lakes reported Revenue of $627.3 million, Net Income of $16.5
million and adjusted EBITDA $93.7 million.
On March 14, 2013, the Company disclosed it had recognized revenue in
2012 in a manner not consistent with its accounting policy. It further
revealed "a failure of internal controls to detect or prevent
misstatements in [its] financial statements," which was "material to
[its] results of operations for the quarterly and year-to-date periods
ended June 30, 2012 and September 30, 2012." The Company disclosed a
"material weakness" in its disclosure controls, described as a
deficiency (or series of deficiencies) in internal controls over
financial reporting such that there is a reasonable possibility that a
material misstatement of Great Lakes' annual or interim financial
statements will not be prevented or detected on a timely basis. The
Company further revealed that "2012 second and third quarter demolition
segment revenues were overstated by $3.9 million and $4.3 million,
respectively."
On that same day, Great Lakes' President and Chief Operating Officer,
Bruce J. Biemeck, departed the Company. Biemeck previously served in
2012 as CFO to the Company.
Following these revelations, Great Lakes' share price plummeted, losing
approximately 20% of its value and resulting in approximately $100
million in investor losses.
About
Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York and Nashville, is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs' law firms in the nation. In compiling the
list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is one
of only two plaintiffs' law firms in the United States to receive this
honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Source: Lieff Cabraser Heimann & Bernstein, LLP